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| Exchange Received Time 26/05/2017 21:17:52 Exchange Disseminated Time 26/05/2017 21:18:04 Time Taken 00:00:12 | Update of material developments in relation to intimation dated March 2, 2017 under Regulations 30 of SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015 bearing reference AFL/SS/SE/15/2016-17 regarding sale of M/s. Accel Systems & Technologies Pte. Ltd., Singapore
Pursuant to the resolution passed at the meeting of the Board of Directors held on March 1, 2017, and the approval of the shareholders at the Extra-ordinary General Meeting held on March 27, 2017, the sale of the entire stake of the Company in M/s. Accel Systems & Technologies Pte. Ltd, Singapore, a subsidiary company ('ASTL'), was approved. The Board of Directors of the Company at its meeting held on May 26, 2017 has approved a share purchase agreement to be executed with M/s StarHub Ltd. for the aforesaid sale of ASTL ('SPA'), and pursuant thereto the Company has executed the SPA on May 26, 2017.
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